Oh, it is clear they deluded themselves from the start, and that they've also lied to their backers multiple times. I still find it weird the way it has played out. I'd have thought they'd have either lied a *lot* more, put more effort into stringing us out, or even have been honest. This hasn't been one of the usual patterns I've seen. I have to guess it is because they got outside funding, and that put more pressure on them that from the backers.
I admit I was suspicious right from the start simply because of the low cost and short time frame, but willing to take a risk not knowing a lot at the time about the internals of a TIC. I think it was also one of my first IGG pledges. But I also don't want to ask for a refund as it lets them off the hook - I want to see this to the end, even if it has to be from a distance.
So I wrote that money off a while ago (entertainment value), and it taught me a lesson re crowdfunding that I'll try not forget. Now I know I can throw a lot less at projects for the entertainment - SmartyRing is going to be classic I think.